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Corporate News
05-Jan-17
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Board of Jagran Prakashan approves buyback of shares upto Rs 302.25 crore
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At meeting held on 05 January 2017
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Jagran Prakashan announced that the Board of Directors of the Company at its meeting held on 05 January 2017, unanimously approved a buy-back proposal for the purchase by the Company of up to 1,55,00,000 fully paid up equity shares of face value of Rs 2 each representing 4.74% of the total number of outstanding Equity Shares of the Company, at a price of Rs 195 per Equity Share, for an aggregate amount of Rs 302.25 crore, out of the securities premium account and/or out of free reserves or such other sources as may be permitted by law, from the existing shareholders of the Company on a proportionate basis through a "tender offer" route as prescribed under the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 ("Buyback Regulations"), to all of the shareholders who hold Equity Shares as of the Record Date (as defined in the Buy Back Regulations), on a separate window of the stock exchanges through the tender offer method, under the Buyback Regulations, subject to the condition that the aggregate amount to be expended by the Company for the Buyback shall not exceed 25% of the Company's total paid-up capital and free reserves based on the audited financial statements of the Company as on 31 March 2016.
The Buyback size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India and other expenses such as advisors fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.
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